The loan term is the time period during which you make monthly payments towards a your mortgage. The loan term can change due to your payment habits or if you choose to refinance the loan.

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March 21, 2018
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Related Terms: Loan Period, Mortgage Term
The number of months you make payments towards your home loan is called the term of your mortgage. The length of your loan term depends on the type of mortgage you apply for, and it is subject to change if you decide to refinance the loan, or if make more than the minimum monthly payments.
A conventional loan’s term depends on the lender and the type of interest rate. There are many fixed rate mortgages that have different term lengths between 5 to 10 years. When it comes to FHA loans, you are able to choose a 15 or 30 year term.

The loan term is an important factor to consider when shopping for mortgages. An adjustable rate mortgage is probably a good option if you plan to sell the property or move before the term is over, since you won’t have to worry about rising interest rates. A 15-year fixed rate mortgage may have a considerably higher monthly payments than that on a 30-year mortgage, which means you will be stretching your funds.

The loan balance may not be paid off by the time the term ends. If the mortgage does not amortize during the term, there could be a balance or “balloon payment” which is owed in lump sum afterwards. On the other hand, you may be able to pay off the principal and interest completely before the term ends by making larger monthly payments.  

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